Tether Confirmed Almost $500 Million Reserves

Tether, one of the oldest and most popularstablecoins,continuesto argue that cryptocurrencyisnot a scam, and all USDT tokens are provided with USD cash.Accordingto the Bloomberg, at least for fourmonths, Tether’sreservesfullycovered the tokens in thecirculation. Allegedly, Bloomberg journalists got acquainted with the Tether bank statements and discovered that from September 2017, the company held $452.9 million in bank accounts in financial institutions Noble Bank, Puerto Rico and Bank of Montreal.

At the endof September lastyear, there were 435 millionUSDTtokens in circulation.This means the reserves even covered more than necessary.Accordingto Bloomberg, in the other months, reserves alsofullybacked tokens.

Tether has repeatedly promised toconducta regular audit of its own reserves toconfirm the tokens are fully backed by the US dollar.But the company did not succeed, because of what investorsbeganto look closely to other stablecoins.